Sprint to Sell Certain Network Assets for $2.2 Billion

[cdmagurus.com]

Sprint has agreed to sell select network assets to a company called Network LeaseCo and then lease back those assets for an unspecified sum. The move is meant to boost Sprint's cash position and will eventually add $2.2 billion to the company's coffers. Sprint will rely on the assets as collateral to generate loans from SoftBank and other external entities. Sprint has about $6 billion in cash on hand and will use the $2.2 billion infusion to cover debts. In 2008, Sprint made a similar move by selling many of its cell towers to TowerCo. Sprint then leased back access to those towers.


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